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The Kmart as we know today wasnt always the nations second largest discount retailer and the worlds third largest general merchandise retailer. Kmart was born in 1899 by the ideas of S. S. Kresge. Mr. Kresge opened a variety store in Detroit and sold everything for 5 and 10 cents.
These low prices appealed to the shoppers and brought success to this variety store. In 1912, Mr. Kresge had already opened 85 stores and was incorporated in Delaware. S.
S. Kresge Company was then reincorporated in Michigan four years later in 1916. Inflation during World War I forced Mr. Kresge to raise his prices to 25 cents. Yet the open displays and convenient locations continued to attract customers and the business persisted to grow. In 1959, Harry Cunningham became president of the Kresge organization.
Under Cunnighams leadership, Garden City, MI, became home of the first Kmart discount department store in 1962. Seventeen additional stores opened in 1962, which led to corporate sales of more than $ 483 million in that year. By 1977, nearly 95 percent of S. S.
Kresge Company sales were generated by Kmart stores. To reflect this development, the company then changed its name to Kmart Corporation. Ten years later, Kmart sold the remaining Kresge stores to fully concentrate on discount merchandising. Kmart is a discount retailer and is second in the nation in this industry. A discount retailer means that Kmart offers name brand products to consumers at a discounted price. They can do this by buying the products in large quantities.
They have tremendous purchasing power as respects their suppliers. I would have to say that Kmart Corporation is in the Mature stage of the industry life cycle. The reason why I feel this way is because Kmart Corporation is still reaping profits, the competition is relatively low and the market / consumers are beginning to see the importance of these large discount retailers. In 1996, Kmart introduced its new prototype in 185 traditional Kmart stores.
The idea was to change the layout of each store. The following year, they named the new and improved Kmart, Big Kmart to represent the large changes and advancements within the company and the sites themselves. By the end of the year 1998, Kmart had 1, 245 Big Kmart stores. Five hundred and seventy-five additional stores are in the process of conversion by the end of this year to complete this renovation project. Kmart's team of associates at its headquarters is a team of more than 265, 000 people. Kmart has even reached overseas.
The company is growing and expanding with no signs of ending its reign as one of the greatest corporations in the world. Kmart is the nations second largest discount retailer and the worlds third largest general merchandise retailer. They are pretty close in what they have stated if you look at the facts. The discount retail industry is a $ 420. 7 Billion industry.
Kmart has an 8 % claim on that total. In 1998, Kmart had total annual sales of $ 33, 687 Million while in 1999 it had annual sales of $ 35, 925 Million. In 1998 Kmart had annual Net Income of $ 519 Million while in 1999 it had an annual Net Income of only $ 403 Million. The reason for this was that in the second quarter, they had discontinued operations in a few locations and had reported a loss of about $ 238 Million. Kmart's team of associates at its headquarters is a team of more than 265, 000 people. Kmart has even reached overseas.
The company is growing and expanding with no signs of ending its reign as one of the greatest corporations in the world. One of Big Kmart's chains crosses South Carolina. Super Kmart is located in on the busy Rivers Ave. in North Charleston, South Carolina. The stores hours of operation are 24 hours a day, including several hours on holidays like Christmas and Thanksgiving.
The store opened in North Charleston in 1994, and it employs close to 200 people. The day crew is full of part-time teen workers and some full time managers and older cashiers. The night shift full-time workers are mostly adults over 25 and small amounts of workers under eighteen who work part-time. Super Kmart has a diverse product line. They have many departments within the store full of popular brands and private labels. Martha Stewart, Sesame Street, Jaclyn Smith, Kathy Ireland, Pensake Automotive, American Fare, Route 66, Kg, BenchTop and White Westinghouse are some of the brands that bring quality, style and selection to the Kmart store and those who live and shop in North Charleston Super Kmart.
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